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R2016-20 AUTHORIZING REAL ESTATE CONTRACT Wabash Redevelopment Area
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R2016-20 AUTHORIZING REAL ESTATE CONTRACT Wabash Redevelopment Area
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Last modified
3/29/2016 9:36:01 AM
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3/29/2016 9:36:00 AM
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Resolution/Ordinance
Res Ord Num
R2016-20
Res Ord Title
AUTHORIZING REAL ESTATE CONTRACT FOR PROPERTY LOCATED IN THE 400-500 BLOCKS OF EAST KING STREET, THE 400-500 BLOCKS OF EAST CENTRAL AVENUE AND THE 800 BLOCK OF NORTH MARTIN LUTHER KING JR. DRIVE IN THE WABASH CROSSING REDEVELOPMENT AREA
Approved Date
3/7/2016
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(7) Access to the Propert� At any time after the effective date of <br /> this Contract, with advanced approval of Seller, architects and engineers <br /> of Buyer shall have reasonable access to the Property during business <br /> hours for the purpose of ineasurement and preparation of design plans for <br /> Buyer. Buyer shall indemnify and hold Seller harmless from and against <br /> all losses, costs, damages and liabilities arising out of Buyer or any of its <br /> employees, agents or contractors entering the Property. <br /> (8) Possession. Possession. Buyer shall have the right to take <br /> possession of the Property on completion of the closing. <br /> (9) Actions Affecting the Propertk. While this Contract is in effect, Seller <br /> shall not: <br /> (a) Enter into, or amend any contracts, options, leases, easements or <br /> other agreements adversely affecting the Property; or <br /> (b) Take any action which would adversely affect the ownership or <br /> condition of the Property. <br /> (10) Title Commitment. Buyer shall obtain a current title commitment for <br /> an owner's title insurance policy for the Property at it sole expense. Buyer shall <br /> pay all title examination fees or other expenses of the Title Company for issuing <br /> such title commitment. , <br /> (11) Environmental Concerns. To the full extent permitted by law, Buyer <br /> releases, holds harmless, and indemnifies Seller for environmental defects on <br /> the Premises. <br /> (12) Default. Either party's failure to comply with, and/or abide by any <br /> material term or condition of this Contract shall constitute default. Upon <br /> reasonable notice to the defaulting party, reasonable opportunity to cure, and <br /> failure of the defaulting party to cure the default, the non-defaulting party may <br /> pursue all legal remedies available under the laws of the State of Illinois, <br /> including but not limited to termination of this Contract, and/or specific <br /> performance of this Contract. <br /> (13) Assignment. Neither Seller nor Buyer may assign this Agreement or <br /> any interest in the Property without the prior written consent of the other. The <br /> 7 <br /> Page 24 of 180 <br />
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